Those blinks [flashes] are fault indication (Error Codes). From the number of blinks occur at one time switch ON, you can get an idea about the faulty circuit section inside it. This will make repair easy. These are called blinking codes. Make sure about the exact number of blinking of the standby/power LED, by switching On & OFF the set, for at least two times. Count it carefully. If you wish to get some details, check the site linked here. It has details about blinking codes, and fault locating procedure, to many popular brand TVs and other devices.
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http://electronicshelponline.blogspot.com/
If blinks continue without any pause, the main board is faulty.
I have seen this before; this set has a DMD board/module that is part of the optical light engine, we tossed a number of these sets out at the shop since the board is over 400 wholesale and the light engine which comes with it is over 500 wholesale.
The dead giveaway is you have to unplug it, that is always a very bad sign.
Let me know if you have questions as I am here to help.
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